Nakheel sees Q1 net profit up 28pc

Dubai, April 9, 2014

The government-owned company made a net profit of Dh629 million ($171.3 million) in the first three months of the year, up from Dh491 million in the corresponding period of 2013, it said in a statement.

Nakheel's first-quarter revenue was Dh1.37 billion. It did not provide a year-earlier figure.

Nakheel's chairman Ali Rashid Lootah said the developer is on course to further reduce its bank borrowings in 2014, after it paid off Dh2.35 billion of bank debt in February, 18 months ahead of maturity.

The company said it will hand over around 1,200 units this year. - Reuters